PROJECTS: Iraq in talks for a $ 6 billion IMF loan – official
Iraq is negotiating with the International Monetary Fund (IMF) to secure loans worth $ 6 billion, an Iraqi government official said.
Mudher Muhammed Saleh, the Iraqi government’s financial adviser, told Zawya Projects that part of the loan would be provided under the IMF’s rapid financing instrument to address Iraq’s large current account deficit.
Saleh added that loans have been requested in two installments of $ 2 billion and $ 4 billion, the latter tied to the economic reform program, details of which “will become clear after the deal.”
He said the loans will be treated on a preventative basis, meaning Iraq will pull out according to its needs.
Saleh also pointed out that Iraq entered into five agreements with the IMF after 2003, including three for credit readiness, a post-conflict and a staff-controlled program.
(Reporting by Majda Muhsen; Editing by Anoop Menon)
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